The State Oil Company of Azerbaijan (SOCAR) is studying further methods to reduce its carbon footprint, Teymur Guliyev, SOCAR's Deputy Vice President for Energy Transition, Environment, and Decarbonization, said at the Caspian Energy Forum in Baku.

Guliyev revealed that SOCAR embarked on its journey towards "green energy" two years ago, under the leadership's initiative and in anticipation of COP28. He emphasized that SOCAR has always been renowned as an energy company specializing in oil and gas. However, with the global trend of energy transition, many leading companies have already shifted their focus to sustainable energy."

The transition process proved challenging due to the scarcity of local experts in "green energy" and decarbonization. To overcome this hurdle, SOCAR enlisted the assistance of international specialists.

Guliyev highlighted that SOCAR publicly unveiled its decarbonization targets for the first time at COP28. The primary goal is to achieve net zero emissions by 2050. The subsequent phase involves the distribution of the company's objectives, leading to the establishment of SOCAR Green, a subsidiary dedicated to implementing "green energy" projects.